Ripple Unveils Enhanced Crypto-Enabled Cross-Border Payments Solutionby Fintech News Singapore November 9, 2023
Ripple, a provider of enterprise blockchain and crypto solutions, has unveiled an enhanced version of its crypto-enabled cross-border payments solution, Ripple Payments, formerly known as RippleNet.
The solution provides enterprise-grade infrastructure required for businesses to leverage blockchain easily for faster, cheaper, more efficient cross-border payments without needing to be an expert.
Among several key updates, the solution now provides nearly 100% global payout coverage through single onboarding, giving businesses access to over 70 crypto and traditional payout markets.
The solution is forged by Ripple’s deep regulatory know-how, providing businesses with peace of mind when using Ripple Payments.
With over 30 licenses, including a MAS Major Payments Institution license and Money Transmitter Licenses (MTLs) across the U.S., Ripple is expanding its reach to include SMEs.
Another key update is it “lightning-fast onboarding and accelerated go-to-market strategies”, with new integrations with the XRP Ledger’s native decentralised exchange (XRPL DEX) improving product performance and lowering the barrier to entry into new markets by tapping into global liquidity options.
The solution also offers companies the ability to fulfill customers’ liquidity needs on demand round the clock, with expanded crypto liquidity options ensuring that Ripple continues to provide an optimised experience as the payments product scales.
The newly launched Ripple Payments solution is now available in the U.S., with more regions to come in 2024 based on jurisdiction. The availability of specific products and features will vary by jurisdiction.
“Since the start, Ripple focused on creating products that solve real problems for real customers. This evolution of Ripple Payments represents an extension of our long-running work to optimize the cross-border payments experience through transformative technology.
Ripple has led the way in addressing key components of crypto financial infrastructure, including liquidity, off ramps, tokenization, custody, and compliance. Bringing these elements together within Ripple Payments for an intuitive end-to-end enterprise experience is the natural next step for Ripple to make crypto’s benefits accessible for any business.”
said Monica Long, President at Ripple.
“At Ripple, we’ve long known that payments are unequivocally the ‘killer app’ for digital assets. Achieving that vision requires a seamless experience for institutional users to solve real-world problems.
With more businesses than ever seeing real utility in blockchain, our goal is to provide our customers with optionality, speed, ease of use, and compliance – all in one comprehensive product.”
added Brendan Berry, Head of Payment Products at Ripple.